Cabot Oil & Gas (NYSE: COG) is running higher this morning on several bits of positive news. The company was just touted last night by CNBC market pundit Jim Cramer as a winner that can still keep growing after being the top performing stock on the S&P last year. This morning came word that Cabot Oil & Gas has announced a two for one stock split as well. For you dividend lovers, Cabot has juiced up its payout by one-third to $0.16 per quarter per share from a prior $0.12 distribution.
A stock split and a raised dividend? Not many of those to go around these days on a simultaneous basis. This one is currently a favorite of Jim Cramer, so investors can likely expect the stock to be mentioned in the financial media for some time ahead.
Another development is that it has set new Marcellus production milestones with the achievement of 606 Mmcf per day before royalty adjustments and an average of 600 Mmcf per day during the two final days of 2011. To show the increase and the company’s gains, this is actually a gain of about 154% increase over the 2010 Marcellus exit rate. A recently commissioned upgrade to the Teel compressor station with increased compression capacity was cited.
Cabot shares are up 1.3% at $77.86 and the 52-week trading range is $36.69 to $90.00. The market cap rate is now $8.1 billion.
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